News Highlights: Top Energy News of the Day

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Oil futures flipped to losses Monday amid fears of lingering oversupply. Before turing lower, U.S. benchmark oil prices had been flat in early trading, hovering just below the $50-a-barrel mark.

Chesapeake Can't Escape $438 Million Bond Award at Supreme Court

The U.S. Supreme Court on Monday declined to hear Chesapeake Energy Corp.'s appeal of a $438 million bondholder judgment tied to a disputed 2013 redemption.

Energy Firms' $5.1 Billion Financing for Russia Gas Pipeline Stokes EU Fears

European energy firms pledged to pay for half the cost of a natural-gas link from Russia to Germany, supporting a controversial pipeline that is fueling tensions within the European Union.

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Halliburton Helped by Drilling Boost in U.S.

Stepped-up drilling for oil in the U.S. may have global producers on edge about oversupply, but the increased activity in the domestic energy sector is a boon for oil-field services firm Halliburton Co.

Australia Approves Hong Kong Conglomerate's $3 Billion Energy Deal

Hong Kong conglomerate Chow Tai Fook Enterprises, best known for its jewelry stores, has won Australian government approval for its takeover of gas-and-electricity provider Alinta Energy.

Saudi King Appoints Son Envoy to Washington

The naming of Prince Khaled bin Salman as the new Saudi ambassador to the U.S. seen as part of an effort by Riyadh to cement improving ties with the new administration.

Saudi Arabia Reinstates Perks for State Employees as Finances Improve

Saudi Arabia's King Salman has reinstated allowances and bonuses for state employees as its finances improve, a move aimed at boosting consumer confidence to support growth as the kingdom overhauls its oil-dependent economy.

Trump Administration Won't Waive Sanctions for Oil Project Exxon Planned in Russia

President Trump has rejected a bid by oil company Exxon Mobil to resume a Black Sea venture with Rosneft, a sanctioned Russian firm close to the Kremlin.

U.S. Oil-Rig Count Rises by 5

The number of rigs drilling for oil in the U.S. rose by 5 in the past week to 688, according to oil-field services company Baker Hughes Inc.

GE, Still Weighed by Energy, Boosts Profit Amid Cost Cutting Plan

GE's first quarter showed strength driven by its core industrial businesses as its oil and gas segment continued to drag on results.

Judge Slaps VW With $2.8 Billion Criminal Fine in Emissions Fraud

Volkswagen was ordered to pay a $2.8 billion criminal fine for rigging diesel-powered vehicles to cheat on government emissions tests, formalizing a punishment the German auto giant agreed to earlier this year in an unprecedented plea deal with U.S. prosecutors.

(END) Dow Jones Newswires

April 24, 2017 11:15 ET (15:15 GMT)